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Rich Asplund

Dollar Strength Sparks Long Liquidation in Crude Oil Futures

Oil United States OPEC Donald Trump Vortexa Iran International Energy Agency Russia Strait of Hormuz Ukraine

August WTI crude oil (CLQ26) on Thursday closed down -0.65 (-0.82%), and August RBOB gasoline (RBQ26) closed down -0.0162 (-0.49%).

Crude oil and gasoline prices gave up early gains on Thursday and settled lower, as a stronger dollar sparked profit-taking and long liquidation. Crude prices are supported by heightened US-Iran tensions, which have reduced crude oil flows through the Middle East, tightening global oil supplies.

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